According to report published by Grand View Research, the global online food delivery services market size was valued at USD 23,539.40 million in 2018 and is expected to register a CAGR of 15.4% over the forecast period.

The global Online Food Delivery Services Market size is expected to reach USD 63,551.77 million by 2025, registering a CAGR of 15.4% over the forecast period, according to a study conducted by Grand View Research, Inc. The market growth can be attributed to the availability of several delivering platforms and significant shift from using websites to using mobile application services for ordering food. The increasing internet & smartphone penetration among millennials and growth of the food & beverage industry are some factors anticipated to drive the market growth.

Food delivery services offer various benefits such as doorstep delivery, significant discounts, cashback offers, and multiple payment options for attracting users. Furthermore, with the rising per capita income, middle-class and high-income populace in developing economies are witnessing significant changes in their living standards and eating preferences. Such favorable changes in lifestyle are expected to contribute to the market growth over the forecast period.

Moreover, smartphones enable customers to order food quickly & conveniently and using multiple payment options. Most consumers ordering food prefer their orders to be delivered at their doorstep. Thus, the increasing penetration of smartphones and internet is encouraging users in developing countries to install food delivery apps.

Companies are emphasizing on enhancing logistics capabilities and consumer experiences. Additionally, adequate funding and investments in the market is one of the factors expected to drive the market growth. For instance, in February 2019, Zomato raised approximately USD 62.2 million in a funding round from multiple investors that included Delivery Hero, Naspers Limited, Chunwei Capital, and others.

Numerous companies are adopting optimized delivery modes, which can considerably speed up delivery and reduce operational costs. Food delivery using robots, drones, and parachutes are gaining traction in the market. Such technological advancements in the online food delivery industry are anticipated to provide opportunities for market growth.

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.